Oh joy! Foreclosures should be peaking next year! Well there’s something to look forward to, wouldn’t you say? Why will they be peaking next year, you may wonder? Well, I’m forecasting they based on the current... (Continue reading)
I'm not sure if this means anything or not, but about holiday retail activity in stores like Nordstrom... well, I live in Southern California... Orange County... the O.C. if that helps, and I took some photos of the Nordstom in... (Continue reading)
Can you hear me now? Is that doing it for you? The facts about California attorneys who offer to assist homeowners with loan modifications as presented in the New York Times story are just plain WRONG. ... (Continue reading)
Well, I’d have to say nicely done there, Bank of America, all around. I mean, you managed to take a woman from sending you $15,000 to take over the home out of probate after her husband died… her “haven”... (Continue reading)
But, that's how we seem to be handling things so far, with the bankers as our special class, essentially immune from real regulation, and apparently allowed to behave badly in the name of their recovery. To me it looks... (Continue reading)
So, when the opportunity came up to investigate the banks as a result of things like robo-signers fraudulently signing affidavits in order to foreclose on people’s homes, came to light, Terry Goddard was one of the state attorneys general to... (Continue reading)
“Laurie Goodman of Amherst Securities predicts that 1 in 5 mortgages could go into foreclosure without radical action.” Now just a minute here… you’re not saying that one out of five people with mortgages are “irresponsible sub-prime borrowers who never... (Continue reading)
If you miss you forecasts 11 months in a row, and by some significant margin, is it still considered forecasting, or does it become guessing? ... (Continue reading)
Obama has been pressuring FHFA to let Fannie Mae grant principal reduction... the President of the United States is pressuring them… Ohhh, is it like Guantanamo… or more like Canyon Ranch… pressure me some more, Barack… I like it when... (Continue reading)
I never do this, but ProPublica posted an article about real life foreclosures not fitting the conventional wisdom of what most people think they are... they're not a bunch of low income minorities who should never have been able to... (Continue reading)
The Republican’s version of the report is said to be a whopping 13 pages long, and is expected to place the blame for the crisis squarely on the shoulders of poor people who wanted to buy houses, and how some... (Continue reading)
ACCE says that now they plan to up the ante by " bringing together the collective power of the homeowners themselves in alliance with their supporters among labor unions, the religious community and community organizations." And in fact, among... (Continue reading)
More than half of our country doesn’t care about the foreclosure crisis because to them, it’s just bankers acting in their own best interests by foreclosing on homes that borrowers irresponsibly bought knowing they couldn’t afford them. It’s therefore... (Continue reading)
I realize that Obama was ready to allow the tax cuts to expire now, but he’s also okay with allowing another 4-5 million homes be lost to foreclosure next year, and the same number the year after that. And... (Continue reading)
For some strange reason I also had it in my mind that he was the one who wouldn’t tell us what the banks did with the TARP funds… like we had no right to know what the bankers did with... (Continue reading)
So… I have a question for my fellow Americans... and for elected representatives in Washington D.C. and state legislatures… and for that offensive, mindless twit Diana Olick on CNBC… Are we done irrationally punishing the so-called “irresponsible” people yet? ... (Continue reading)
Facing Change: Documenting America is a non-profit collective of dedicated photojournalists and writers coming together to explore America and to build a forum to chart its future. Mobilizing to document the critical issues facing America, FCDA teams will create a... (Continue reading)
This Securitization Workshop promises to be important, educational, and entertaining... it may be designed for lawyers, but I know lots of homeowners that would enjoy attending, and likely come away with actionable knowledge that could help save theirs and millions... (Continue reading)
The facts of the matter today as related to the foreclosure crisis and loan modifications, however, could not be considered positive, I’m afraid. Help does not appear to be on the way, or on the horizon. As inconceivable... (Continue reading)
At 49 years old, and having originally founded my firm back in 1989, it’s been some time since I’ve been asked for a resume, as one might imagine. So, it’s also about time to commemorate what’s gone on over... (Continue reading)
The Beige Book, as it’s commonly known, is a report published eight times each year. Each of the 12 Federal Reserve Banks, which are located throughout the country, “gathers anecdotal information on current economic conditions in its District through reports... (Continue reading)
Here's the first year I wrote Twas the Night Before Christmas as a year-in-review online. You'll find 2008 & 2009 here on Mandelman Matters, as well. They're posted in the section "People Say I'm Funny." Reading them... (Continue reading)
I write this political year-in-review holiday poem every year. I love doing it, and I hope you'll enjoy reading it and will send it to others of like mind as well. Happy Holidays!... (Continue reading)
Seventy percent of the U.S. economy is driven by consumer spending, which has been driven by borrowing over the last ten years. Even if we wanted to do so, we can’t borrow our way back to prosperity this time... (Continue reading)
In fact, in California specifically, where there is already a state law governing advance fees, known as SB 94, lawyers will see very little change when the new FTC rule takes effect at the end of this calendar year. ... (Continue reading)
1. Help is NOT on the Way… 2. Go see the documentary “INSIDE JOB”… if it’s not already too late. 3. One and Done… I Agree… Obama Shouldn’t Run in 2012. 4. The Government is Launching Criminal Probes Into... (Continue reading)
Here's Foreclosure Mom's rap... nothing further need be said... watch it. And if you're going to try to get your loan modified, get a REST Report... I wouldn't even consider trying it without it. You can find out more... (Continue reading)
Pardon me, but we’ve got someone in this country in charge of something called a “FOOD INSECURITY REPORT?” And Dick Fuld got $500,000,000 for bankrupting Lehman Bros. Holy Mother of God. And that brings me to the... (Continue reading)
I want to go on record as saying that Bernanke’s QE2 has no chance of working, in the sense that it will do nothing positive in the long run, and won’t even do much in the short run to help... (Continue reading)
So, take a few minutes and write to your elected representative about this. No one else, unless you feel like it, just your person in Congress. Tell them this line of thought is unacceptable, that we want Elizabeth... (Continue reading)
Now, tell the truth… I’m not saying that this is what happened next, but what if I told you that the next thing that happened was that Khast bought a handgun and shot a banker in the head, would you... (Continue reading)
So, I have bad news... help is not on its way. No one is going to do anything to make this situation better. It's up to us and us alone. In my mind this is war, people,... (Continue reading)
Excuse me, DA Hurlbert? You’re not going to prosecute Martin Joel Erzinger for running down someone riding a bicycle and then fleeing the scene because it wouldn’t look good on the guy’s resume? Seriously, Mr. Hurlbert? Where... (Continue reading)
It’s worth considering, for example, that in the extreme crisis of the last two years, we might have dutifully followed a president if he would have just read us a bedtime story about a rabbit and a mule a couple... (Continue reading)
Join me now for the stories of three such Americans. May their stories remind you of the power we all posses to serve our country and help it grow and prosper, so that our government of the people, by... (Continue reading)
Want to know who Howie Hubler is? Did you read Michael Lewis' book, "The Big Short," because if you did, you might remember Lewis mentioning a bond trader at Morgan Stanley that lost the investment bank $9 BILLION... more... (Continue reading)
Just in case any children are reading this, and one never knows about such things, forgery and perjury are never found on the right path to follow when attempting to cover up, flagrant and immeasurable fraud and massive malfeasance, boys... (Continue reading)
There’s no point in sugarcoating this… getting a bank or mortgage servicer to agree to modify a mortgage is never a pleasant experience. In fact, it’s pretty much horrible, even when it’s good. You may finish the process... (Continue reading)
I hope anyone interested takes the time to read my response and that it clears things up, once and for all about Erin Baldwin, and her claims about Martin Andelman and Mandelman Matters being a scam. I hope everyone... (Continue reading)
You don’t think so? Then tell me what you think would happen if I walked into a courtroom and handed the judge a fraudulent set of documents requesting that he ignore procedures designed to protect property rights in this... (Continue reading)
So, why didn’t the bankers assign the loans to the trusts? I don’t know… for sure. But I’m going to go out on a limb here and tell you it’s because they wanted to borrow against them, and... (Continue reading)
With the election now less than a month away, House Democrats have requested a formal investigation into the highly questionable foreclosure practices by the banks and servicers. According to the Times story, Speaker Pelosi said that “the excuses we... (Continue reading)
Well, in the August HAMP Report, which is published monthly by Treasury, is a chart that shows that Treasury has disagreed with a higher than average number of the decisions being made by CHASE, Wells Fargo and Bank of America.... (Continue reading)
But Treasury officials told the bloggers that they knew all along that it wouldn’t work, that homeowners would be foreclosed on left and right, but, they explained, that was okay with them. In fact, it was a good thing.... (Continue reading)
How many homes could we have saved with $111 MILLION, Wendy? How many people could we have fed… or trained to be able to get a new job one day? We’re talking about $111 MILLION, damn it. ... (Continue reading)
Okay, so here’s the story… some attorneys representing homeowners in foreclosure noticed that GAMC was saying things that weren’t true, which is sometimes referred to as “lying,” and then in a deposition it came out that a middle manager at... (Continue reading)
I don’t know Wells Fargo… you do whatever you want, but it looks to me like you’re losing friends in Congress and even in the White House. As are your pals, by the way. You can just go... (Continue reading)
Now that Elizabeth Warren has been appointed to the post, albeit temporarily, support her with whatever support you can offer, Senator Dodd. Let the ones that oppose Elizabeth Warren stand naked in the light. And the American consumer….... (Continue reading)
But that was before I knew Elizabeth Warren as the TARP chief... the Harvard professor... the advocate for the middle class... the woman who was the only person in Washington D.C. who could stare down Treasury Secretary Tim "Transparency" Geithner... (Continue reading)
Most of the suits allege that the trial modification plans are contracts, and that Bank of America and every other servicer broke them by not granting permanent modifications to homeowners who made their trial payments on time and provided the... (Continue reading)
“And we documented what went on with each file so that if the investor came in to audit the files, everything would be accurate in terms of what had transpired and in what time frame. It was all about... (Continue reading)
So, what’s not to love? Banks win by getting more for the property than would otherwise be the case. Investors win through earning a return that averages 15% on their investment. Banks win by getting more for the... (Continue reading)
Secretary Geithner explained the program to reporters while waiting for his dessert soufflé to rise. Those in attendance said that he told the group that the program would help homeowners and get the economy back on track by removing... (Continue reading)
1. Lehman Bros. CEO says bankruptcy wasn't Lehman's Fault. 2. Stimulus is folly. 3. Call it a depression. 4. Geithner's happy about HAMP. 5. Foreclosures breed foreclosures. 6. AZ's loan mod program won't work. ... (Continue reading)
Click on the link to tune in to the Mandelman in the Morning Podcast for September 3, 2010... ... (Continue reading)
Even though the bill was supported by EVERYONE but the banking lobby, it was rejected 36-30 in the Assembly. Even after it was approved by the state Senate and three Assembly committees. This time… no… but thank you... (Continue reading)
It made me sad to know what Treasury Department officials had said about the foreclosure crisis and HAMP… very, very sad. In fact, I can’t think of another time in history when my government acted as these guys have... (Continue reading)
The biggest question I have about the real estate market is… why are we all pretending that there’s a real estate market at all. There’s no real estate market in this country, hasn’t been one since July 10, 2007,... (Continue reading)
Potential Game-Changer Alert... District Court Judge Says Homeowner is the Intended Third Party Beneficiary to the contract between Fannie and servicers... and that means the right to sue yours.... (Continue reading)
And NPV 4.0 is what drives the PRA, which is a “deferred principal reduction program” that allows the homeowner to earn a principal reduction over a three-year timeframe by making all payments in accordance with the loan’s modified terms. According... (Continue reading)
It’s a credit crisis, a global financial crisis, a foreclosure crisis, an economic catastrophe, the total destruction of the secondary mortgage market, the end of pension plan investing and Wall Street’s investment banks, and an ongoing example of why derivatives... (Continue reading)
The workers at the NUMMI plant were quite familiar with GMAC, because the mortgage lender was the only mortgage lender given access to the plant employees to sell them on refinancing their homes. "Put your cars, your credit cards... everything... (Continue reading)
My goodness, I've been doing quite a few radio programs on the foreclosure crisis and loan modifications and the economy lately, have you noticed? I really like doing the radio show thing, it's a lot easier than writing long,... (Continue reading)
The Federal Reserve, by the way, doesn’t exist to make a profit like the commercial banks. Until 2009, the Fed paid no interest on the bank reserves and other monies it holds, and it earns interest on the Treasury... (Continue reading)
Adjusted down to a rate of 267,000 annual sales was the worst month on record. That "rate," and I do love the way they report monthly numbers as an "annual sales RATE," means that 22,250 new homes were... (Continue reading)
It's amazing how different it is when you're the Chairman of the Federal Reserve, as opposed to being the retired Chairman of the Federal Reserve. ... (Continue reading)
Because, believe it or not, not everyone agrees with our Treasury Secretary, or our President for that matter, when they say that our economy is “on track”. In fact, many think that quite the opposite is the case, and... (Continue reading)
I’ve been waiting for this day for almost a year. The day I could stop beating around the bush and come right out and talk about the “secret” NPV and loan modifications. Because I’ve known about the “secret”... (Continue reading)
Taxpayer support for the financial system grew by $700 billion last year, and has now reached roughly $3.7 trillion, including TARP, Federal Reserve programs, asset guarantees and federal bank deposit insurance, among other commitments. ... (Continue reading)
Elizabeth Warren’s appointment to the Consumer Financial Protection Bureau, the agency she conceived of and has lobbied for since 2007, is by no means assured, and in fact, sources on The Hill say they don’t think Warren will get the... (Continue reading)
I talked about... can you guess... right! The foreclosure crisis and loan modifications... and the economy... and some recent court decisions... a regular fountain of knowledge, I was. I haven't listened to it, but I figured some of you... especially... (Continue reading)
Perhaps most notably, but least mentioned, the bill requires the credit rating agencies, Moody’s, Fitch, and Standard & Poors, to not only be more transparent, but also potentially liable for issuing “bad ratings” on bonds. The role of the... (Continue reading)
But, I suppose as long as Geithner doesn’t make the mega-bank write down any losses in the future, everything will work out just fine and dandy. What, me worry? No chance of that. Besides, I don’t know... (Continue reading)
Elizabeth Warren: "It's about respect. I believe that the American people ought to be part of the conversation about what's happening in our economy, and what's happening in Washington D.C. and what's happening on Wall Street. I truly... (Continue reading)
I realize that his speech the other night was intended to be more State-of-the-Union-like than a presentation of specific solutions, but I still came away feeling a bit like a Christian Scientist with appendicitis. America's banks are, in large part, insolvent.... (Continue reading)
Ms. Warren should unquestionably be asked to head up this new Consumer Financial Protection Bureau, bribed, begged and/or pleaded with, if need be. Without her philosophy and leadership setting the standards and tone of this new bureau as it... (Continue reading)
It doesn't happen every day... far from it, perhaps... but, once in a great while you see something that really means something... something that you are unlikely to ever forget. Â This video is one of those types of things. ... (Continue reading)
Actually, Kevin Kauffman and Fred Weaver are the two guys behind and in front of the camera on Short Sale Power Hour, an Internet video show that airs every day online, 5 days a week. They're smart and funny... (Continue reading)
The bill is important at a time like this, because it would clearly encourage more lawyers to represent homeowners in foreclosure actions "because attorneys can be confident, if successful, that they will be paid for their work." And, as... (Continue reading)
This decision means that if a foreclosing party in California, that is not the original lender, claims that payment is due under the note, and that they have the right to foreclose on the basis of a MERS assignment, they’re... (Continue reading)
CHASE now says that their new policy prohibits the postponing of sales, regardless of the reason, if the request to postpone is made within 7 days… or maybe 5 days… or it could be 2 days (depending on who you... (Continue reading)
Shiela! There you are! Where the heck have you been girl? Last I heard, Hank Paulson sent you for coffee, and you’ve been standing in Geithner’s shadow ever since. It’s about damn time, girl! ... (Continue reading)
Uh oh. Someone’s gonna’ be in big trouble… as in… Lucy, you got some â€splainin’ to do. Is it warm in here all of a sudden?... (Continue reading)
RESPA is a federal statute so I would think that this sort of thing could be happening all over the place… like in all 50 states. And it’s also worth mentioning that what Bank of America is accused of... (Continue reading)
PLUNDER - The Crime of Our Time, is a movie produced and directed by Danny Schechter, that shows what Wall Street did to destroy our economy. It's the first movie that clearly shows that what's happened over the last... (Continue reading)
Everything’s going just fine. There are no real problems with HAMP or with the servicers who are implementing HAMP. Oh sure, there have been a few challenges, but most of them have been caused by the borrowers who... (Continue reading)
Everyone knows how much I love sarcasm… or at least have come to love sarcasm writing about the foreclosure crisis… and on this article I think I might have taken my sarcasm to such a level that readers, especially those... (Continue reading)
This month in Mandelman's Monthly Museletter: 1. Oregon Woman Accuses Vice President Al Gore of Sexual Misconduct in 2006. 2. Fear Deflation, Pray for Inflation. 3. The latest from Nobel Prize Winning Economist, Paul Krugman. 4. HAMP's UP Program... (Continue reading)
Plus, if I was at all unsure of my position on this program, the clincher was finding out that the cost of both programs is being covered by a tax on large banks and hedge funds contained in the bill.... (Continue reading)
In some cases, banks are attempting to renegotiate or modify their loans. For example, Midwest Banc Holdings offered to swap $84.8 million in preferred shares issued under the TARP program for $15.5 million in common shares, but that would... (Continue reading)
Apparently, Greene was arrested in November 2009, charged with showing a pornographic Internet site to an 18-year-old female University of South Carolina student. I realize that, traditionally, senators wait until they’ve been elected to rack up their first felony... (Continue reading)
Yes, you read that right. NCLC, et al, are suing the banks over the travesty that is HAMP. We’ve all been waiting for this day for a long time now, and it finally arrived. So, don’t rush... (Continue reading)
Tell you what WSJ people… next time feel free to call me on stuff like that. I don’t depend on automakers breaking things out, I actually have functioning eyes and ears and I use them pretty much all the... (Continue reading)
People… we have to stop the foreclosures. They breed more foreclosures. They reduce spending and lower tax receipts. They cause increased unemployment. They cause more bonds to default. They make our banks insolvent. They... (Continue reading)
The thing about this court decision is that, even if I think the law itself is marginal at best in what it offers, there is now a “private cause of action” attached to it. And that means that homeowners... (Continue reading)
Apparently, data released by the Federal Reserve Bank of New York shows that 18 banks, including those listed above of course, have been lying about their levels of debt that are used to fund their trading of securities at the... (Continue reading)
A homeowner wrote to me the other day, and I could tell from her emails that she had been through the ringer trying to get a loan modification. I've heard from so many thousands of homeowners that I've gotten... (Continue reading)
As my readers know, I've never had guest columnists or posted what others have written, but when I read the article that follows, which was written by Max on June 1st of this year, and then found myself reading sections... (Continue reading)
“The confusion and errors that cost Californians their homes, are devastating to the state’s housing market, but are avoidable and we need this measure to stop further deterioration of the California housing market.” Center for Responsible Lending ... (Continue reading)
Well, today Bank of America employees in Kansas City, Loa Angeles, Charlotte and other cities around the country have filed a lawsuit alleging that our nation’s largest bank cheated its employees out of $100 million in overtime pay. The... (Continue reading)